Thanks, Mr. Chair.
I appreciate all of our witnesses for being here and walking us through, hopefully, what are the final steps of the grocery code of conduct's coming into force.
I have to say, Mr. Nenci, that I'm really surprised at your testimony saying that the grocery code of conduct will not lower grocery prices.
About two years ago at this very time, the now finance minister made a very grand announcement to the press gallery that he was committed to lowering grocery prices by Thanksgiving at that time—Thanksgiving 2023—with five very poignant initiatives. One of those five was the grocery code of conduct, which he promised Canadians would lower food prices.
In fact, we're two years later, and food inflation in Canada is 40% higher than in the United States. We are the only G7 country where food inflation has increased for four straight months, and we have food inflation now 50% higher than the target. I am surprised that the finance minister would make such a claim—that the grocery code of conduct is going to lower food prices—when, clearly, based on your testimony and testimony from other stakeholders, that just isn't the case.
I want you to explain why the government would make a claim that this is going to lower food prices, when it was never intended to do that. There certainly seems to be some disconnect between what the code is and what the government is claiming it will do.